Latest Chancery Giveaway of $267 Million to Corporate Law Firm Shines a Light on Court's Commitment to Lining the Pockets of Delaware's Elite: Citizens for Judicial Fairness
Today, following an obscene $267 million fee awarded by the Delaware Chancery Court to plaintiffs' lawyers in the recent $1 billion Dell settlement, significantly more than the standard 10-12% paid out in federal securities cases, Citizens for Judicial Fairness released the following statement:
"The gravy train just keeps on rolling for Delaware's legal elite thanks to the Chancery Court's obsequiousness to the corporate lawyers who will pay their salaries as soon as they leave the bench. In the latest case, Vice Chancellor Laster awarded the firms Labaton Sucharow; Quinn Emanuel Urquhart & Sullivan; Andrews & Springer; Robbins Geller Rudman & Dowd; and Friedman Oster & Tejtel a combined $267 million for their work on a $1 billion Dell settlement.
"Of course, this merely continues the Court's longstanding practices of raiding the coffers of the businesses it should ostensibly protect to line the pockets of Delaware's elite corporate lawyers. We condemn this system of patronage and will continue to shine a light whenever and wherever it emerges."
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